Bank of Baroda, Andhra Bank to launch insurance
India regulator's nods IndiaFirst Life kick off in December with $43.34mln start-up capital.
Bank of Baroda (BoB), Andhra Bank and Legal & General's insurance joint Venture, IndiaFirst Life Insurance Co, has received all regulatory approvals for its products, and would launch operations in the second or third week of December, P Nandagopal, chief executive officer, IndiaFirst Life Insurance, said.
"We have all the regulatory approvals. Only the exact date of launch needs to be finalised, but it will be in the second or third week of December," he said in a report in the Business Standard.
Bank of Baroda will hold 44 percent in the joint venture, while Andhra Bank will have a 30 percent stake.
Legal & General, a leading UK risk, wealth and investment company, will hold the remaining 26 percent in the joint venture. The initial paid-up capital of the insurance company is Rs 200 crore ($43.34mln).
The three promoters will infuse Rs 2,500 crore ($541.71 million) into the company over the next 10 years. The capital that will be infused at a later date will be in proportion to the stake that the partners hold in the joint venture.
